Investment Strategy

The portfolio is actively managed by Marret using specialized high yield debt strategies designed to maximize risk-adjusted returns and preserve capital in each phase of the credit cycle. Over the course of a credit cycle, the goal is to generate returns consistent with the long-term performance of equity indices, but with the volatility and risk characteristics consistent with 10-year US Treasury notes.

Marret will employ hedging strategies, including shorting securities and holding cash, designed to generate positive returns and/or protect the portfolio against the risk of losses from currency fluctuations, interest rate changes and market declines. The majority of the holdings denominated in foreign currencies will be hedged to the Canadian dollar, with no more than 25% unhedged at any time.